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23 Cards in this Set

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Physical Damage Covg.
Covg. for damage to your auto.
Dec. Page
Required part of policy, in an auto policy, it provides information about the insd., a description of the insd. auto, a schedule of the covg, and other details.
Named Insd.
Policyholder whose name or names appears on the dec. page.
BI
Bodily harm, sickeness, or disease including death that results.
Property Damage
Physical Injury to or the destruction of tangible property and its loss of use.
Trailer (As used in the PAP)
A vehicle designed to be pulled by a private pass. auto, a pickup, or a van, farm wagon or farm implement when towed by one of these vehicles.
Your Covered Auto (as used in the PAP)
Any vehicle shown in the the dec. pages, a trailer owned by NI, a temporary substitute auto or trailer, a newly acquired auto (subject to certain restricitons)
Temporary Substitue Vehicle
A non-owned auto or trailer that the NI is using because of the breakdown, repair, servicing, loss, or destruction of a covd. auto.
Word
Newly Acquire Auto (as used in the PAP)
An eligilbe private pass, auto, pickup, or van of which the NI becomes the owner or that the NI leases during the policy period. It can be a replacment auto or an additional auto.
Damages
Monetary award that one party is required to pay to another who has suffered loss or injury for which the 1st party is legally responsible.
Compensatory Damages
Damages including both special damages and general damages, that are intended to compensate a victim for harm actually suffered.
Special Damages
Compensatory damages awarded for losses, such as pain and suffering, that do not have a specific economic loss.
Punitive Damages
Damages awarded by a court to punish wrong-doers who thru malicious or outrageous actions cause inj. or damage to others, some states do not permit insurers to award payment for punitive damages because such payement would not punish the insured.
Split Limits (As used in the PAP)
The maximum amts. a PAP insurer will pay for the insured's liability for bodily injury per accident, and property damage for the accident.
Single Limit
Maximum amt. an insurer will pay for the insd's liability for both bodily injury and property damage per accident.
Pre-Judgement Interest
Interest that accrues between the time the accident or suit occurs, and when a judgement is rendered indicating, that the insured is responsible for damages, subject to the policy limit of liability.
Structured Settlement
Periodic payments made for damages over a specified time period, alternative to lump-sum payments.
Supplementary Payments
Amts. paid in addition to the liability limits for items such as premiums on bail bonds and appeal bonds, post-judgement interests, loss of earnings for attendance at trials, and other resonable expenses incurred at the insureds expense at the insureds request.
Post-Judgement Interest
Interest on damages that accrues after a judgement has been rendered and before the damages are paid, which can be in addition to the liability limits and other legal defense costs.
Out of State Covg. (As used in part A of the PAP)
Provision that automatically provides any higher limits and types of covg. required by the state in which an auto accident occurs if such an accident occurs in a state other than the one in which the covered auto is principally garaged.
Occupying (as used in the PAP)
In upon or getting in and out of.
Uninsured Motor Vehicles
Any type of land motor vehicle or trailer that is not insured for bodily injury liability, is insured for less than the financial responsibility limits, is a hit and run vehicle, or whose insurer denies covg. or becomes insolvent.
Arbitration (as used in the PAP)
Process for settling disputes between the insd. and the insured and insurer concerning whether or for what amt. un-insured motorists covg. applies.